Every Form 4 that Public Storage (PSA) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A Form 4 covers the transactions officers, directors and large holders report, so if you follow PSA and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full PSA filings page.
Public Storage reported an equity compensation grant to one of its directors. On 12/31/2025, the director received 128 LTIP Units in Public Storage OP, L.P. under the company’s Non-Management Trustee Compensation and Deferral Program, part of its Amended and Restated 2021 Equity and Performance-Based Incentive Compensation Plan. The number of LTIP Units was calculated by dividing the portion of quarterly cash retainers the director elected to receive in equity by the company’s closing share price on the grant date, and rounding up to the nearest unit.
The LTIP Units are intended to be profits interests for U.S. federal income tax purposes and can be converted, after certain tax allocation conditions are met, into OP Units of Public Storage OP. Those OP Units may then be exchanged by the director for Public Storage common shares or the cash value equivalent, as determined by the company. Following this grant, the director beneficially owned 208 derivative securities reported on this form in direct ownership.
Ronald P. Spogli, a Director of Public Storage (PSA), reported grants on 09/30/2025. He was granted 5.97 DSUs valued at $288.85 each, representing 12,814.72 common shares following the transaction (which includes 2,651.72 DSUs). He also received 148 LTIP Units representing 148 underlying common shares, with 4,599.72 common shares reported as beneficially owned following the LTIP grant. The DSUs are fully vested and will be settled in unrestricted common shares upon certain separation, death, disability, or change of control events; dividend equivalents on DSUs are issued as additional DSUs. The LTIP Units are membership interests in a subsidiary and are convertible into OP Units and then into common shares or cash, subject to tax conditions.
John Reyes, a director of Public Storage (PSA), received a grant of 115 fully-vested deferred share units (DSUs) on 09/30/2025 under the company’s Non-Management Trustee Compensation and Deferral Program. Each DSU represents the right to one common share and will be settled in unrestricted common shares upon the director’s separation, death, disability, or an earlier change of control. The grant used the company’s closing share price on the grant date of $288.85. After the reported transaction the filing shows 3,063 DSUs beneficially owned directly and 154,685 shares held indirectly through the Reyes Trust.
Luke J. Petherbridge, a director of Public Storage (PSA), was granted 80 LTIP Units on 09/30/2025 under the companys Non-Management Trustee Compensation and Deferral Program. The LTIP Units are fully vested on grant and are economic interests in Public Storage OP, L.P., intended to qualify as profits interests for U.S. federal tax purposes. Subject to tax-related conversion conditions, LTIP Units convert into OP Units that may be exchanged for common shares or the cash equivalent, using the companys closing share price on the grant date to determine unit quantity. The Form 4 was signed by an attorney-in-fact on 10/02/2025.
Mitra Shankh, a director of Public Storage (PSA), received 115 unrestricted common shares on 09/30/2025 under the company's Non-Management Trustee Compensation and Deferral Program within the 2021 Equity and Performance-Based Incentive Compensation Plan. The shares were issued as the share-equivalent of cash retainers the reporting person elected to receive in stock; the grant used the company closing price on the grant date at $288.85 per share. After the transaction the reporting person directly beneficially owned 8,768 shares. The Form 4 was signed by an attorney-in-fact on behalf of the reporting person on 10/02/2025.
Ronald L. Havner Jr., a Public Storage (PSA) director, reported equity compensation transactions dated 09/30/2025. The filing discloses grants of fully vested deferred share units (DSUs) issued in lieu of dividend equivalents and grants of fully vested LTIP Units under the company’s 2021 Equity and Performance-Based Incentive Compensation Plan. The DSUs are settled in unrestricted common shares upon separation, death, disability, or a change of control and will accrue additional DSUs as dividend equivalents. The report shows an LTIP grant of 321 units and a closing share price used of $288.85. The filing also lists beneficial ownership: 317,053 shares held indirectly by a trust and 1,900 shares held indirectly by spouse IRA, with 147,000.4 LTIP-related units/shares noted as held following the transactions.